HSBC Securities downgraded India's Unitech to underweight from neutral and DLF to neutral from overweight, saying it expecting the real estate companies to miss their FY11 volume guidance and issue conservative FY12 guidance.

At 10:19 a.m. (0449 GMT), shares in Unitech were down 0.1 percent while DLF shares were up 0.8 percent. The main stock index was up 0.5 percent.